A loan is granted at an interest rate of 14% p

Accounting Nov 17, 2022

A loan is granted at an interest rate of 14% p.a. compounded monthly and is to be repaid by means of regular, equal monthly payments starting one month after the loan is granted. If the balance owing on this loan, immediately after the 19th payment, is equal to R140333,33 and the balance owing on this loan, immediately after the 22nd payment, is equal to R128305,76,

then the value of the equal payments (rounded to the nearest cent) is R